S.L. 371.9 Art. 8Determination.

(1) The competent authority shall make a determination pursuant to paragraph (a) of the definition "unavailable deposit" in regulation 2 as soon as possible and in any event no later than five working days after first becoming satisfied that a member has failed to repay deposits which are due and payable.

(2) Where the competent authority makes a determination as referred to in paragraph (a) of the definition "unavailable deposit" in regulation 2, or a judicial authority makes a ruling as referred to in paragraph (b) of the definition "unavailable deposit" in regulation 2, the competent authority shall, as soon as possible, inform the Scheme of such determination or ruling.

(3) On being informed by the competent authority of such determination or ruling, the Scheme shall publish a notice on its website and in at least two local newspapers, informing depositors of the member concerned, of such determination or ruling, of the manner in which the compensation to the depositors shall be processed, and of the matters stipulated in regulation 11(2).

(4) The Scheme shall, as soon as possible, inform any other DGSs which it believes may be affected by such determination or ruling.

(5) Where the failed member has a branch in another Member State, the Scheme shall provide the necessary information and funding to the DGS of the host Member State in terms of regulation 35.